Investors await Hurray!

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Includes: CHA, CHL, CHU, CN-OLD, HRAY, KZ, LTON, TOMOY
by: Ezra Marbach

Hurray! (ticker: HRAY) provides wireless value-added services, such as ring tones, picture downloads, and community and entertainment services to mobile phone users in China.


The company derives most of its revenues from 2G and 2.5G services.
Despite concerns that China’s wireless services industry is suffering
due to intense competition, content and billing sanctions, and strong
negotiating power by China’s mobile operators, HRAY's greatest obstacle
seems its reliance on China Unicom (whose own future is unclear) for a large majority of its current sales. Of course yesterday's strong results from KONG could not have come at a better time.